Dow Jones Transportation Average falls to 6-month low, as FedEx stock weighs heavily

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The Dow Jones Transportation Average slumped 0.3% toward a six-month low, as the plunge in FedEx Corp.’s stock after disappointing earnings single handedly turning the index negative despite sharp gains in the broader stock market. The Dow transports, a price-weighted index, was down despite 14 of the 20 components gaining ground, while the Dow Jones Industrial Average rallied 346 points, or 1.0%, with 25 of 30 components gaining ground. FedEx’s stock was down $21.65, or 8.6%, while the combined price gains of all the stocks rising was $21.07. Among the biggest price gainers, shares of Avis Budget Group Inc. rallied $5.74, Ryder System Inc. climbed $2.26 and Southwest Airlines Co. advanced $1.72. Among other decliners, shares of United Parcel Service Inc. shed $4.02 and J.B. Hunt Transport Services Inc. tacked on $1.01.

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